Financial Affairs – Turismo STP http://turismo-stp.org/ Tue, 08 Jun 2021 04:02:50 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://turismo-stp.org/wp-content/uploads/2021/04/default.png Financial Affairs – Turismo STP http://turismo-stp.org/ 32 32 What Is A Payday Loan? https://turismo-stp.org/i-bad-credit-loan/ https://turismo-stp.org/i-bad-credit-loan/#respond Fri, 30 Apr 2021 08:25:58 +0000 https://turismo-stp.org/?p=461 If you’re ever in a pinch and need money immediately but don’t qualify for a personal loan, you might think about taking out a payday loan. A payday loan is a short-term, Oak Park Financial says small loan that you repay once you receive your next paycheck, typically two to four weeks after you take […]]]>

If you’re ever in a pinch and need money immediately but don’t qualify for a personal loan, you might think about taking out a payday loan. A payday loan is a short-term, Oak Park Financial says small loan that you repay once you receive your next paycheck, typically two to four weeks after you take out the loan. Payday loans tend to have small loan limits, usually up to $500, and don’t require a credit check.

While they might be easy for many people to get, they can be costly and harmful to you long after you borrow. Here’s how payday loans work, how they impact your credit and alternative options.

How a Payday Loan Works

You can take out a payday loan online or at an in-person location if it’s available in your state. For many payday loan lenders, there’s no credit check involved. It’s enticing for borrowers who don’t have great credit—or any credit—and need cash fast.

Once you complete an application, you’ll write a postdated check for the amount you borrow, including fees and interest, guaranteeing the lender gets paid by your next payday. If you can’t afford to repay the loan by the due date, some lenders have an option to renew or rollover your plan to extend the due date, but this will result in additional fees and interest.

Payday Loan Dangers

Payday loan lenders prey on the most vulnerable groups: those who are in dire need of funds but don’t have a good credit history to borrow from banks, credit unions and online lenders. Because lenders tout immediate funds into your account and no credit check, many borrowers who don’t need to borrow a lot of money look toward a payday loan.

But predatory lenders are everywhere, so much so that some states don’t permit payday loans. Most states regulate payday loans, including repayment terms, finance charges and the loan amount.

Even with regulations in place, interest rates can approach 400%. Conversely, personal loan interest rates can be as high as 36%, and that’s for borrowers with very low credit scores or limited credit histories.

A big danger with payday loans is the repayment period. Traditional personal loans, even those in small amounts, let you repay your loan over the course of a few months. Payday loans, on the other hand, require you to repay the loan anywhere from 14 to 31 days after you take it out. Many borrowers don’t have the funds to pay back the loan in this time frame and, in some cases, end up borrowing more to repay their loan, along with the extra finance charges.

Who a Payday Loan Is Right For

Payday loans are costly and can cause more harm than good. While it’s one way to get money in your hands until your next paycheck, the risks typically outweigh the benefits. We don’t recommend using payday loans. Instead, look toward alternative options, including personal loans, credit cards or even borrowing money from friends or family.

Payday Loan Costs

How much your loan costs depends on how much you’re borrowing, your interest rate, your lender and where you live. Here’s an example of the costs you may experience when you take out a payday loan.

In Iowa, you can borrow up to $500 through a payday loan, and you’ll get charged up to $15 for every $100 you borrow. If you borrow the full $500, that’s an extra $75, or $575 in total. But your annual percentage rate (APR), which is calculated daily, will be much more than that. For example, in Iowa, you can borrow a loan for up to 31 days. If you borrow for the full term, your true APR will be 176%.

To compare, personal loans usually cap their APRs at 36%. If you use a credit card to make a purchase, you’re likely to have an APR that’s less than 30%.

Payday Loan Borrowing Limits

Borrowing limits usually depend on where you live. Since some states don’t allow payday loans, you might not have the option to borrow money through one.

Most states cap their borrow limits at around $500, but limits vary. For example, Delaware caps its borrow amount at $1,000 while California sets a maximum limit of $300.

Repaying a Payday Loan

For many lenders, you set up a single loan repayment when you borrow the money. You’ll typically repay your loan through a postdated check, including the full amount you borrowed plus any fees and interest. However, you may also be able to pay online or through a direct debit from your bank account.

Your payment date will be between 14 and 31 days from when you borrow the loan, usually by your next payday. The loan is repaid in one payment, compared to personal loans, which have installment payments for a set number of months. Personal loan lenders look at your income to make sure you can afford what you borrow, making sure monthly payments fit into your budget.

How Payday Loans Can Affect Your Credit

Many payday loan lenders don’t run credit checks, so applying for a payday loan doesn’t impact your credit score or report. Even if you borrow the money and repay it all on time and in full, the positive payment doesn’t impact your credit, either.

But if you don’t pay your loan back in full and your payday loan lender hasn’t electronically withdrawn money from your account, you could be on the hook for the unpaid balance plus any outstanding finance charges. If you’re long overdue in payments, the lender could get a collection agency involved and the delinquent mark can go on your credit report.

Payday Loan Alternatives

Payday loans aren’t a good option in almost every circumstance. If you can, explore all your other options before taking out a payday loan, including:

  • Personal loans. While many personal loan lenders only approve borrowers with at least fair or good credit, there are some lenders that tailor to borrowers with poor or subprime credit scores. Some credit unions have payday loan alternatives, letting borrowers take out loans up to $1,000, depending on the institution. Credit unions are not-for-profit and are more likely to work with borrowers who don’t have great credit.
  • Credit cards. If you already have a credit card, consider using it to make a payment or purchase. APRs are lower compared to payday loans and since you already have one, you don’t have to qualify for one. Most cards also offer a cash advance—which allows you to withdraw cash from an ATM—but these transactions come with high APRs and additional fees. However, both options are cheaper than payday loans.
  • Borrow money. If you don’t need to borrow much, ask friends or relatives to cover you until you can streamline expenses. Many times, borrowing money from loved ones means you have a little bit of flexibility when it comes to repaying your loan, and often without interest. If you choose this route, agree on terms and conditions that outline how to repay your loan and what happens if you can’t repay it.

In addition to these alternatives, review your financial situation carefully, including your required payments and monthly expenses, to see if you can free up some funds. For example, go over your budget and see if some not-so-dire expenses can wait. You might find you have enough spare cash to cover your needs until your next payday, allowing you to avoid the possible pitfalls that come with a payday loan.

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Torchlight Loans Metamaterial US$10,000,000, Allowing Metamaterial to Execute on Business Plan in Advance of Shareholder Votes https://turismo-stp.org/torchlight-loans-metamaterial-us10000000-allowing-metamaterial-to-execute-on-business-plan-in-advance-of-shareholder-votes/ https://turismo-stp.org/torchlight-loans-metamaterial-us10000000-allowing-metamaterial-to-execute-on-business-plan-in-advance-of-shareholder-votes/#respond Fri, 30 Apr 2021 08:19:59 +0000 https://turismo-stp.org/?p=446 PLANO, TX and HALIFAX, NS / ACCESSWIRE / February 22, 2021 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company (“Torchlight”) and Metamaterial Inc. (“META”) (CSE:MMAT), a developer of high-performance functional materials and nanocomposites, announced today that, in accordance with the terms of the previously announced Arrangement Agreement (the “Arrangement Arrangement”) between […]]]>

PLANO, TX and HALIFAX, NS / ACCESSWIRE / February 22, 2021 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company (“Torchlight”) and Metamaterial Inc. (“META”) (CSE:MMAT), a developer of high-performance functional materials and nanocomposites, announced today that, in accordance with the terms of the previously announced Arrangement Agreement (the “Arrangement Arrangement”) between Torchlight and META, pursuant to which Torchlight and META will complete a business combination (the “Arrangement”), Torchlight has loaned US$10,000,000 to META evidenced by an unsecured convertible promissory note (the “Promissory Note”). The Promissory Note bears interest at 8% per annum, with all unpaid principal and interest due in one lump sum payment on February 18, 2022 (the “Maturity Date”). If the Arrangement Agreement is terminated or expires without the completion of the Arrangement, Torchlight will have the right to convert all or any portion of the principal amount and any accrued but unpaid interest under the Promissory Note into the common shares of META (the “Common Shares”) at a conversion price of C$2.80 per Common Share (subject to adjustment as described in the Promissory Note). Further, if the Arrangement is not completed, META will be obligated to repay to Torchlight the total unpaid balance of the principal and interest under the Promissory Note, to the extent not converted into Common Shares, on the Maturity Date.

META intends to use approximately US$5,000,000 of the proceeds from the loan made pursuant to the Promissory Note to accelerate its acquisition of certain pilot scale production equipment to expand its roll-to-roll product family production capabilities, support META’s on-going development of optical products for targeted use in life sciences applications, and expand its metaOptix™ product line for its e-commerce business. The remainder will be used for general corporate purposes including working capital and merger related costs.

About Metamaterial Inc.

META is changing the way we use, interact with, and benefit from light and other forms of energy. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. META is an award winning Global Cleantech 100 company with products that support sustainability by doing more with less; they encompass lightweight, sustainable raw materials and processes which consume less energy and offer more performance. META has a growing patent portfolio and is currently developing new materials with diverse applications in concert with companies in the automotive, aerospace, energy, consumer electronics and medical industries. META is headquartered in Halifax, Nova Scotia and has R&D and Sales offices in London, UK and Silicon Valley. For additional information on META, please visit www.metamaterial.com

Forward Looking Information

This release includes forward-looking information within the meaning of Canadian securities laws regarding META and its business, which may include, but are not limited to, statements with respect to the terms and anticipated timing of the Arrangement pursuant to the Arrangement Agreement, the mailing date of the meeting materials, the date of the Meeting, the intention to raise equity capital, the potential continued listing on the NASDAQ and the benefits thereof, the disposition of Torchlight’s oil and gas assets, the approval of the Transaction by the shareholders of META, the business strategies, product development and operational activities of META and Torchlight. Often but not always, forward-looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of META and are based on assumptions and subject to risks and uncertainties. Although the management of META believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the ability of the parties to close the Arrangement pursuant to the Arrangement Agreement, the ability of the parties to raise necessary equity capital, approval of the transaction and continued listing by the NASDAQ, approval of the Canadian Securities Exchange, receipt of shareholder approval and required third party and regulatory consents, the risk that Torchlight may not be able to dispose of its oil and gas assets on favorable terms or at all, risks related to the technology industry, market strategic and operational activities, and management’s ability to manage and to operate the business. Although META has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and META does not undertake any obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events, or otherwise.

META Meeting and Meeting Materials

META will be holding an annual general and special meeting (the “Meeting”) of shareholders and holders of options, warrants and deferred share units (collectively, the “META Securityholders”) which will be conducted via live audio webcast at https://web.lumiagm.com/191086970 on March 12, 2021 commencing at 11:00 a.m. (Toronto time). At the Meeting, the META Securityholders will be asked to, among other things, pass a special resolution relating to the proposed plan of arrangement (the “Arrangement”) involving META and Torchlight. As announced on December 14, 2020, the Arrangement will be carried out pursuant to the definitive agreement dated December 14, 2020, as amended, which was entered into in connection with the Transaction. On February 18, 2021, the meeting materials for the Meeting, including a notice of annual general and special meeting of META Securityholders and circular, were mailed to META Securityholders of record as at February 5, 2021 in advance of the Meeting in accordance with statutory requirements and the interim order. The materials for the Meeting have been filed by the Company and are available under the Company’s SEDAR profile at www.sedar.com as well as on the Company’s website.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.

About Torchlight Energy Resources, Inc.

Torchlight Energy Resources, Inc. (TRCH), based in Plano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary objective of acquisition and development of domestic oil fields. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. For additional information on Torchlight, please visit www.torchlightenergy.com.

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the “safe harbor” created by those sections. All statements in this release that are not based on historical fact are “forward looking statements.” These statements may be identified by words such as “estimates,” “anticipates,” “projects,” “plans,” “strategy,” “goal,” or “planned,” “seeks,” “may,” “might”, “will,” “expects,” “intends,” “believes,” “should,” and similar expressions, or the negative versions thereof, and which also may be identified by their context. All statements that address operating performance or events or developments Torchlight expects or anticipates will occur in the future, such as stated objectives or goals, our refinement of strategy, our attempts to secure additional financing, our exploring possible business alternatives, or that are not otherwise historical facts, are forward-looking statements. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements as a result of various factors, including risks associated with Torchlight’s ability to obtain additional capital in the future to fund planned expansion, the demand for oil and natural gas which demand could be materially affected by the economic impacts of COVID-19 and possible increases in supply from Russia and OPEC, the proposed business combination transaction with Metamaterial, Inc. pursuant to the Arrangement Agreement, general economic factors, competition in the industry and other factors that could cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Additional risks and uncertainties are described in or implied by the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our 2019 Annual Report on Form 10-K, filed on March 16, 2020 and our other reports filed from time to time with the Securities and Exchange Commission. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based.

Additional Information and Where to Find It

Torchlight will prepare a definitive proxy statement for Torchlight’s stockholders to be filed with the SEC regarding the Arrangement. The proxy statement will be mailed to Torchlight’s stockholders. Torchlight urges investors, stockholders and other interested persons to read, when available, the proxy statement, as well as other documents filed with the SEC, because these documents will contain important information about the Arrangement. Such persons can also read Torchlight’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, for a description of the security holdings of its officers and directors and their respective interests as security holders in the consummation of the transactions contemplated in connection with the Arrangement. Torchlight’s definitive proxy statement will be mailed to stockholders of Torchlight as of a record date to be established for voting on the Arrangement. Torchlight’s stockholders will also be able to obtain a copy of such documents, without charge, by directing a request to: John A. Brda, President of Torchlight Energy Resources, Inc., 5700 W. Plano Parkway, Suite 3600, Plano, Texas 75093; e-mail: john@torchlightenergy.com These documents, once available, can also be obtained, without charge, at the SEC’s web site (http://www.sec.gov).

Participants in Solicitation

Torchlight and its directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Torchlight stockholders in connection with the Arrangement. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Torchlight’s directors in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 16, 2020. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Torchlight’s stockholders in connection with the Arrangement will be set forth in the proxy statement for the Arrangement when available. Information concerning the interests of Torchlight’s participants in the solicitation, which may, in some cases, be different than those of Torchlight’s equity holders generally, will be set forth in the proxy statement relating to the Arrangement when it becomes available.

Contacts

Torchlight:
Derek Gradwell
Integrous Communications
Phone: 512-270-6990
dgradwell@integcom.us
ir@torchlightenergy.com

Meta:
Mark Komonoski
Director Capital Markets and IR
Metamaterial Inc.
phone: 1-877-255-8483
mark@metamaterial.com

SOURCE: Torchlight Energy Resources, Inc.

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Consumer Finance Regulatory News and Trends https://turismo-stp.org/consumer-finance-regulatory-news-and-trends/ https://turismo-stp.org/consumer-finance-regulatory-news-and-trends/#respond Fri, 30 Apr 2021 08:08:41 +0000 https://turismo-stp.org/?p=407 This regular publication by DLA Piper lawyers focuses on helping clients navigate the ever-changing consumer finance regulatory landscape. Regulatory developments Federal CFPB issues warning to mortgage servicers. The Consumer Financial Protection Bureau (CFPB) issued an announcement warning mortgage servicers to take “all necessary steps now to prevent a wave of avoidable foreclosures” when pandemic-related protections […]]]>

This regular publication by DLA Piper lawyers focuses on helping clients navigate the ever-changing consumer finance regulatory landscape.

Regulatory developments

Federal

  • CFPB issues warning to mortgage servicers. The Consumer Financial Protection Bureau (CFPB) issued an announcement warning mortgage servicers to take “all necessary steps now to prevent a wave of avoidable foreclosures” when pandemic-related protections expire. The CFPB stated that it will “closely monitor how servicers engage with borrowers, respond to borrower requests, and process applications for loss mitigation” and advised servicers to “plan now” for the expected need to increase capacity to “reach out and respond to the large number of homeowners likely to need loss mitigation assistance.” This is consistent with the CFPB’s recent announcement that one of its priorities will be preventing lasting harm to consumers related to COVID-19 financial hardships.
  • CFPB rescinds policy statement on abusive acts and practices. The CFPB issued an announcement that it has rescinded its January 24, 2020 “Statement of Policy Regarding Prohibition on Abusive Acts or Practices,” under which the CFPB stated it would decline to seek civil money penalties and disgorgement for certain abusive acts or practices. The CFPB has instead pledged going forward to exercise the full scope of its supervisory and enforcement authority under the Dodd-Frank Act in order to better protect consumers from abusive acts or practices in the marketplace. This likely foreshadows an expansion of regulatory authority in this area.
  • CFPB issues interpretive rules on sexual orientation and gender identity discrimination under the ECOA. The CFPB issued an interpretive rule clarifying that sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes discrimination on the basis of sexual orientation and gender identity, including discrimination based on perceived nonconformity with traditional sex- or gender-based stereotypes and applicants’ social or other associations. The CFPB also stated that it will be reviewing its publication and examination guidance documents to reflect this interpretive rule. This is consistent with another of the Bureau’s recent announcement that it will seek to broadly address inequalities in consumer financial services.
  • CFPB and FTC issue joint statement on preventing illegal evictions. The CFPB and FTC issued a joint statement on the agencies’ collective efforts to prevent unlawful evictions. The statement pledged that both agencies will be monitoring and investigating eviction practices to ensure compliance with CDC, state and local laws and moratoria on evictions. The statement also asserted that failure to comply with applicable moratoria may constitute “deceptive or unfair practices” in violation of both the FTCA and the FDCPA.
  • CFPB issues statement encouraging financial institutions and debt collectors to allow stimulus payments to reach consumers. The CFPB issued a statement expressing concern that consumers’ COVID-19 relief stimulus payments will be “intercepted by financial institutions or debt collectors to cover overdraft fees, past-due debts, or other liabilities,” rather than reaching consumers in full. The CFPB is encouraging institutions to be flexible in working with consumers to alleviate “the extraordinary financial challenges facing so many families across the country.” The CFPB’s letter is merely advisory; however, some states have passed legal and regulatory measures that prohibit institutions from applying consumers’ COVID-19 payments towards past-due balances and overdraft charges. The CFPB has stated that it will continue to closely monitor consumer complaints to ensure that institutions are not collecting such consumer relief funds in violation of applicable consumer protection laws.
  • CFPB rescinds seven policy statements on regulatory flexibility related to COVID-19. The CFPB issued an announcement that it would be rescinding seven policy statements that were issued between March 26 and June 3, 2020 in response to COVID-19. According to the CFPB, the recissions “reflect the Bureau’s commitment to consumer protection, and the fact that financial institutions have had a year to adapt their operations to the difficulties posed by the pandemic.” The CFPB also rescinded a 2018 bulletin on supervisory communications and replaced it with a revised bulletin – CFPB Bulletin 2021-01 – describing its use of matters requiring attention. The rescinded policy statements and bulletin are:
    • Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic (March 26, 2020)
    • Statement on Supervisory and Enforcement Practices Regarding Quarterly Reporting Under the Home Mortgage Disclosure Act (March 26, 2020)
    • Statement on Supervisory and Enforcement Practices Regarding CFPB Information Collections for Credit Card and Prepaid Account Issuers (March 26, 2020)
    • Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act (April 1, 2020)
    • Statement on Supervisory and Enforcement Practices Regarding Certain Filing Requirements Under the Interstate Land Sales Full Disclosure Act (ILSA) and Regulation J (April 27, 2020)
    • Statement on Supervisory and Enforcement Practices Regarding Regulation Z Billing Error Resolution Timeframes in Light of the COVID-19 Pandemic (May 13, 2020)
    • Statement on Supervisory and Enforcement Practices Regarding Electronic Credit Card Disclosures in Light of the COVID-19 Pandemic (June 3, 2020)
    • Bulletin 2018-01: Changes to Types of Supervisory Communications
  • CFPB provides consumer response annual report to Congress. The CFPB provided to Congress its annual complaint report. The CFPB noted that the effects of the COVID-19 pandemic are reflected in the report, as the CFPB handled approximately 542,300 complaints last year, which was nearly a 54-percent increase from the 352,400 complaints from 2019. Per the report, credit and consumer reporting complaints accounted for more than 58 percent of complaints received, followed by debt collection (15 percent), credit card (7 percent), checking or savings (6 percent) and mortgage complaints (5 percent). Many of these complaints are connected to COVID-19-related financial distress.
  • 2020 HMDA data on mortgage lending now available. The 2020 data from The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) is now available here from the Federal Financial Institutions Examination Council’s HMDA Platform. The LAR contains loan-level information from financial institutions for approximately 4,400 HMDA filers.
  • CFPB proposes delay of mandatory compliance date for General Qualified Mortgage final rule. The CFPB issued a notice of proposed rulemaking to delay the date for mandatory compliance with the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. According to the CFPB, extending the mandatory compliance date will give lenders more time to offer QM loans based on homeowners’ debt-to-income ratio, rather than based on a pricing cut-off. This will allow lenders more time to utilize the GSE Patch, which provides QM status to loans that are eligible for sale to Fannie Mae or Freddie Mac. The CFPB believes this extension will give consumers struggling with the impact of the COVID-19 pandemic better access to affordable, responsible mortgage credit and better allow them to retain housing.
  • CFPB issues statement regarding protecting consumers in the small-dollar lending market. The CFPB published a post stating that the CFPB is acutely aware of the consumer harms in the small-dollar lending market. Specifically, the CFPB noted that the prior administration issued a rule that revoke parts of the CFPB’s 2017 small-dollar lending rule, including requirements for assessing a borrower’s ability to repay. Although the small-dollar lending rule is still being challenged in court – and thus is currently not in effect – the CFPB stated that it believes the harms identified in the 2017 still exist and that it will address those harms through vigorous market monitoring, supervision, enforcement and, if appropriate, rulemaking.
  • FTC announces new rulemaking group. The FTC announced the creation of a new rulemaking group formed with the intention of “reinvigorating” the commission’s rulemaking authority. This decision was made in light of the pending Supreme Court case, AMG Capital Management, LLC v. Federal Trade Commission, which has the potential to significantly curtail the FTC’s authority to seek monetary relief from violators via enforcement actions under section 13(b) of the FTCA. Given this possibility, FTC states the new rulemaking group will help refocus efforts towards developing “effective deterrence” against market harms, with an emphasis on new rulemakings to prohibit unfair or deceptive practices and unfair methods of competition.
  • Federal financial regulatory agencies announce joint request for views on the use of artificial intelligence by financial institutions. The Federal Reserve Board, CFPB, Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA) and Office of the Comptroller of the Currency (OCC) announced a request for input on the growing use of AI by financial institutions. The agencies have specifically requested comments on issues such as (i) the use of machine learning; (ii) governance, risk management and controls; (iii) the challenges that financial institutes face in developing, adopting and managing AI; and (iv) whether any regulatory clarifications would be particularly helpful.

State

  • New York DFS issues letter to US Secretary of Education on behalf of multi-state coalition of regulators regarding protections for student loan borrowers. The New York Department of Financial Services (DFS) sent a letter to the new Department of Education Secretary on behalf of itself and regulators from California, Colorado, Connecticut, Illinois, Maine, Massachusetts, New Jersey, Rhode Island, Washington and Wisconsin. The letter urges Secretary Cardona to reverse two policies instituted by former Secretary Betsy DeVos that inhibited states’ ability to regulate the student loan servicing industry. The first policy was guidance form the Department stating that federal law preempts state law with respect to regulation of private companies that service federal student loans. The second policy was the Department’s use the Privacy Act of 1974 to bar states from getting information on loans and loan servicers, preventing them from effectively regulating the same.
  • Illinois enacts Predatory Loan Prevention Act. Illinois Governor JB Pritzker signed into law SB 1792, which includes the Predatory Loan Prevention Act, which takes effect immediately. The new law makes all loans made under the Consumer Installment Loan Act, Motor Vehicle Retail Installment Sales Act, the Retail Installment Sales Act, the Sales Finance Agency Act and the Payday Loan Reform Act, made by non-exempt entities are subject to an interest rate limit of 36 percent that is calculated in accordance with the Military Annual Percentage Rate under the federal Military Lending Act, and accompanying regulations. While banks and credit unions are generally exempt, it eliminates any exemption under the act for (1) the person or entity holds, acquires or maintains, directly or indirectly, the predominant economic interest in the loan; or (2) the person or entity markets, brokers, arranges or facilitates the loan and holds the right, requirement or first right of refusal to purchase loans, receivables or interests in the loans; or (3) the totality of the circumstances indicate that the person or entity is the lender and the transaction is structured to evade the requirements of this Act. Circumstances that weigh in favor of a person or entity being a lender include, without limitation, where the person or entity (i) indemnifies, insures or protects an exempt person or entity for any costs or risks related to the loan; (ii) predominantly designs, controls or operates the loan program; or (iii) purports to act as an agent or service provider or in another capacity for an exempt entity while acting directly as a lender in other states.

Enforcement actions

Federal

  • Federal court dismisses CFPB enforcement action against student loan debt collectors. The US District Court for the District of Delaware has dismissedSeila Law LLC v. CFPB, which held that the restriction on the president’s authority to remove its director violated separation of powers. Based on Selia, the district court reasoned that the CFPB lacked authority to institute the enforcement action and Director Kathy Kraninger’s post-Selia ratification of the enforcement action was ineffective because it occurred after the statute of limitations for filing the enforcement action had expired. The district court also rejected the CFPB’s argument that the statute of limitations should be tolled with respect to ratification because the enforcement action was timely filed in the first instance. The district court reasoned that, because the CFPB knew its authority was being legally questioned, it should have taken additional acts to preserve its rights pending the resolution of the Selia case, such as by seeking a tolling agreement. Our previous coverage of the Selia decision is available here.
  • CFPB files suit against student loan debt relief company for unlawful marketing and sales practices. The CFPB filed a complaint in the United States District Court for the Central District of California against a California-based debt relief company, its owner and chief executive for violations of the Telemarketing Sales Rule (TSR) by charging illegal advance fees. The CFPB alleges that the defendant charged consumers upfront fees to file paperwork to access debt-relief programs that are otherwise free to the public. The CFPB also brought claims against the defendant’s owner and chief executive for their roles in facilitating the TSR violations, including by editing the scripts used by sales staff and supervising customer payments and merchant accounts. The complaint seeks injunctive and monetary relief, as well as civil penalties.
  • CFPB files suit against payment processor and its former CEO for facilitating consumer fraud scheme. The CFPB filed a complaint in the US District Court for the Northern District of Illinois against an Illinois-based check payment processing company and its founder and former CEO for UDAP and TSR violations concerning their role in an internet-based technical support scam. The CFPB alleged that the defendants violated the TSR by processing more than $71 million in payments for companies that sold fraudulent software and IT services, often to senior citizens, while ignoring clear red flags of illegal conduct such as warnings from financial institutions, inquiries from law enforcement agencies, exceptionally high return rates and voluminous customer complaints. The CFPB also alleged that, by processing payments related to the fraud scheme, the defendants engaged in unfair practices because consumers could not reasonably avoid the harm of being misled about the fraudulent software and services.
  • FTC announces $16 million settlement with two debt collection agencies over attempts to collect “phantom” debts. The FTC announced a consent order with two South Carolina-based companies over alleged UDAP violations in connection with a phantom debt collection scheme. The FTC alleged that the defendants (i) used illegal robocalls to threaten consumers with lawsuits over debts that never existed in the first place or had previously been paid off, (ii) misrepresented themselves as mediators or attorneys to consumers and (iii) threatened consumers with legal action ranging from lawsuits to arrest. The consent order also requires the companies to (i) turn over the contents of certain bank accounts and (ii) implement enhanced recordkeeping, compliance monitoring and compliance reporting policies.
  • FTC announces $2.6 million settlement with operator of mobile banking app over deceptive marketing practices. The FTC has announced a consent order with a California-based company and its CEO over alleged UDAP violations concerning the marketing of a mobile banking application. The FTC alleged that the company engaged in deceptive practices by (i) promising users of the free mobile banking app that they could make transfers out of their accounts and would receive their requested funds within three to five business days, but some users waited weeks or even months to receive their money, or never received their money at all; (ii) misrepresenting the interest rates that consumers would receive; and (iii) ceasing to pay interest on deposits after a customer requested a withdrawal, but prior to actually transferring the funds out of the consumer’s account. The settlement agreement requires the defendants to (i) repay at least $2.6 million in customer funds, (ii) cease using any customer information obtained prior to the settlement for any marketing purposes and (iii) implement enhanced recordkeeping, compliance monitoring and compliance reporting policies.

State

  • Texas attorney general sues retail power provider over UDAP violations in connection with Winter Storm Uri. The State of Texas filed a complaint against a retail power provider over deceptive marketing and payment processing practices under the Texas Deceptive Trade Practices Act. The complaint alleges that the company misrepresented the risk associated with purchasing variable-rate power and – particularly relevant to the financial services context – the company’s use of an automatic system for debiting customer’s checking accounts. During Winter Storm Uri, the market price of electricity was set by the state regulator at approximately $9,000 per megawatt hour, which the defendant then passed on to consumers through automatic withdrawals from customer bank accounts. The complaint alleges that the company’s automatic withdrawal system harmed consumers by causing unavoidable overdrawn accounts, overdraft fees and other financial difficulties, and that the company’s billing practices prevented consumers from taking other measures to prevent incurring additional charges. Additional law enforcement actions relating to Winter Storm Uri may be on the horizon.
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Kalamazoo’s annual chili cook continues in 2021 as an outdoor event https://turismo-stp.org/kalamazoos-annual-chili-cook-continues-in-2021-as-an-outdoor-event/ https://turismo-stp.org/kalamazoos-annual-chili-cook-continues-in-2021-as-an-outdoor-event/#respond Wed, 07 Apr 2021 23:16:33 +0000 https://turismo-stp.org/kalamazoos-annual-chili-cook-continues-in-2021-as-an-outdoor-event/ KALAMAZOO, MI – Kalamazoo’s annual chili cooking will continue this year, but with COVID-19 safety precautions, Kalamazoo Downtown Partnership has announced. Cooking will take place outside this year, with businesses setting up small tents outside their storefronts. Samples will be displayed on tables rather than handed out to each attendee to limit one-on-one interactions, said […]]]>

KALAMAZOO, MI – Kalamazoo’s annual chili cooking will continue this year, but with COVID-19 safety precautions, Kalamazoo Downtown Partnership has announced.

Cooking will take place outside this year, with businesses setting up small tents outside their storefronts. Samples will be displayed on tables rather than handed out to each attendee to limit one-on-one interactions, said Director of Events Sue Huggett.

Hand sanitizer will be installed at each chili station, and masks will be needed inside the tents, she said.

The event is free, but the Downtown Partnership is encouraging attendees to purchase a 2021 Commemorative Chili Cooking Spoon online ahead of the event to help organizers gauge crowd sizes and contribute to the event’s budget. partnership.

Related: Crowds gather in downtown Kalamazoo for an annual chili meal

Goal number one is to boost foot traffic around local businesses that are still recovering from the economic impact of the pandemic, Huggett said.

“The community is more than ever listening to local support,” she said. “Even though people don’t want to go down and stand on the chili lines, they can still go down, enjoy the music, enjoy the outdoors, and have take out food and take out drinks.”

Kalamazoo Mall and South Burdick Street will be closed to allow more space to move around. The majority of the 19 participating businesses are located in the Central Business District and Social Zone, which will allow customers to buy take-out food and drink as well.

The Kalamazoo State Theater will host live music from its marquee, similar to State on the Street events this summer. The theater will also serve chili from Old Dog Tavern, Hot Chocolate from Bigby, and open a patio setup for drinks.

In the mall, a DJ will also play throughout the event, Huggett said.

Two businesses, Bell’s Eccentric Cafe and Louie’s Trophy House, are just outside the neighborhood and will have signs pointing customers that way. The Holly Jolly Chili Cart will not be running this year, Huggett said.

Related: Annual Kitchen Brings Free Chili to Downtown Kalamazoo

The downtown partnership worked with the county health department to keep the event within COVID-19 safety guidelines, Huggett said. The organization was confident that it could move forward with the event safely following the success of outdoor events like the 2020 Kalamazoo Holiday Market, she said.

“We’re just trying to appeal to those people who are ready to go out,” she said. “The kids are on Zoom all the time and everything is in the house. We think it’s important for our community to provide a bit of normalcy. “

The chili cook-off will take place from 11 a.m. to 3 p.m. on Saturday, February 27. Customers are encouraged to rate their chilli samples as they are going to be counted for the People’s Choice Prize. Last year Louie’s Trophy House won the award.

The special judges will begin their tasting half an hour earlier this year and announce the judge’s choice award during the event.

Custom spoons can be pre-ordered on the Facebook event page or at Kalamazoo Downtown Partnership website.

Learn more about MLive:

Maple Sugar Days at Kalamazoo Nature Center means spring is at hand

Michigan City Ranked # 1 Coolest Place in US with Lowest Cost of Living

Find out which businesses in your county have received help from Michigan’s $ 55 million COVID-19 assistance program

‘It’s full steam ahead for us,’ says Great Lakes fishing company after Michigan MNR lifts 2021 restrictions

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How a piano tuner is a barometer for Boston’s battered music scene https://turismo-stp.org/how-a-piano-tuner-is-a-barometer-for-bostons-battered-music-scene/ https://turismo-stp.org/how-a-piano-tuner-is-a-barometer-for-bostons-battered-music-scene/#respond Wed, 07 Apr 2021 23:16:14 +0000 https://turismo-stp.org/how-a-piano-tuner-is-a-barometer-for-bostons-battered-music-scene/ From performers to painters, artists of all genres have experienced an economic year like no other. This month, we asked them about their experiences with our series “The Creative Grind”. Today we meet someone who is kind of a barometer for the battered live music industry in Boston. His name is Fred Mudge and he […]]]>

From performers to painters, artists of all genres have experienced an economic year like no other. This month, we asked them about their experiences with our series “The Creative Grind”.


Today we meet someone who is kind of a barometer for the battered live music industry in Boston. His name is Fred Mudge and he has been a full-time piano technician for approximately three decades.

“Three things make a piano out of tune,” he explained. “To play. Temperature. And humidity. “

The day we spoke, Mudge was meticulously tweaking the strings with his tuning hammer at Wellspring sound studio at Acton. A long strip of soft red felt cut the other threads tightly wound inside a Yamaha black piano until it was their turn for the Mudge adjustments.

“As you can see, it’s a circle of refinement,” he explained, slowly shifting from the low end of the board to the highs. “You are getting close to it and you can always improve it.”

Fred Mudge uses a tuning hammer to tune a Yamaha C7 piano. (Jesse Costa / WBUR)

Mudge has prepared instruments for concerts with renowned musicians such as Paul Simon, Aretha Franklin, Peter Gabriel, James Taylor, Carole King and the Red Hot Chili Peppers. Also for piano legends like Billy Joel, Elton John, Stevie Wonder, Emanuel Ax and Dave Brubeck.

Over the years, Mudge has carried his toolkit to large, medium and small venues including TD Garden, Fenway Park, the House of Blues, and the Berklee Performance Center. Since the early ’90s, he has listened to the late Chick Corea praising Mudge during a show at the Scullers Jazz Club.

“I have a really nice piano and a really good piano tuner so we’re good this week,” Corea told the audience. “You know the piano technician is like 80% of the piano. You can have a great poorly prepared piano and that’s a dog.

Mudge stayed behind, ready, throughout Corea’s performances – just in case.

“The guitarist can tune between songs. So do the violin and the cello. They match between the pieces of music they play, ”he said. “They have four strings or six strings – I have 230 of them. And if you have someone hitting really hard, it’s going to detune the piano considerably.”

But Mudge hasn’t set foot in a concert hall for over a year. His only performance tuning job was outside in October for a Wynton Marsalis show at Yarmouth Drive-In.

Fred Mudge has tuned pianos everywhere, from Fenway Park to local jazz clubs.  (Jesse Costa / WBUR)
Fred Mudge has tuned pianos everywhere, from Fenway Park to local jazz clubs. (Jesse Costa / WBUR)

At the studio, Mudge worked to prepare the piano for the Boston jazz pianist Yoko Miwa. She was about to record a video performance. Mudge hadn’t tuned the brilliant Yamaha since December as there hadn’t been a lot of sessions on the Wellspring books. Before the pandemic, he made the trip from Hyde Park once or twice a week. This would have been one of many stoppages in a typical workday for Mudge that often started at 6 a.m.

It could start in a high school – maybe Wellesley or Brookline – then Mudge could head over to a private client, go to a recording studio, a church, maybe a hotel, “and then I would usually end my day. in one of the jazz clubs or both jazz clubs, ”he said. “And play between five and seven pianos a day, six to seven days a week.”

Mudge has also tuned pianos on cruise ships in Boston and New York. During peak season, he said he could work about three dozen a month. There were also colleges and assisted living facilities. He even went through security to listen to Framingham Women’s Prison.

“Anywhere and everywhere they have a piano with strings that need to be tuned, I made a policy of not saying no,” Mudge said, “whether it’s a trash can or a nine-foot grand piano – everything. it pays the bills. “

Or at least before 2020.

An overview of Fred Mudge's business.  (Arielle Gray / WBUR)
An overview of Fred Mudge’s business. (Arielle Gray / WBUR)

“The first two months of the pandemic, when it all stopped, I had no tuning work – zero, none,” Mudge recalls. “I laid off everyone, put all my staff out of work. At the time, I even thought I had a part-time job in a supermarket or something just so I could support my family.

Mudge said his business Fred’s piano service lost about $ 40,000 in the past year to stranded cruise ships, and at least $ 23,000 without work from dormant jazz clubs. There is no more income from schools and religious institutions as well as performance halls. Mudge received PPP loans – just under a month of income was written off, he said – and he was able to bring back four of his eight employees. Now most of their business comes from tuning for private clients – many piano teachers working remotely from home – combined with a new source of income: selling pianos that Mudge is restoring in his store. of Hyde Park.

Fred Mudge's shared piano workshop in Hyde Park.  (Jesse Costa / WBUR)
Fred Mudge’s shared piano workshop in Hyde Park. (Jesse Costa / WBUR)

The piano tuner is worried about the future of the live music industry with the closure of arenas, clubs and restaurants. Many have closed their doors for good. Last summer, he said some hotels with piano bars were getting rid of their instruments. Although Mudge may have survived, his heart goes out to his colleagues whose careers have been turned upside down.

“The engineers, the backline technicians, the roadies,” Mudge said, “the lighting technicians, the stage directors, the production managers – they’re completely out of work.”

When pianist Yoko Miwa arrived in Wellspring wearing a sparkling black mask, she mourned the loss of her weekly residence at the Zygomates, now permanently closed in Boston.

Pianist Yoko Miwa warms up before a recording session after Fred Mudge tunes the piano at Wellspring Studio.  (Jesse Costa / WBUR)
Pianist Yoko Miwa warms up before a recording session after Fred Mudge tunes the piano at Wellspring Studio. (Jesse Costa / WBUR)

“Beautiful French restaurant, we played there for about 15 years,” she said. “Financially, we are hurt. Mainly (because) we played every weekend and we had big shows.

Miwa is grateful for her work as a teacher at Berklee College of Music and also for the time she had during the pandemic to compose original songs for herself. new CD. The pianist is hoping that her other residence at Monkfish in Cambridge will restart soon.

The musician was eager to play the Yamaha grand piano from the recording studio prepared by a seasoned expert like Mudge.

“We need him so much,” she said, before recounting how she tried to tune her piano at home during the pandemic. “Of course, it’s not easy,” Miwa remembers, then admits, “It was very bad.”

Fred Mudge in his studio in Hyde Park.  (Jesse Costa / WBUR)
Fred Mudge in his studio in Hyde Park. (Jesse Costa / WBUR)

“We usually laugh when someone says they’ve tried to tune their own piano,” Mudge said with a smile. He misses regularly seeing musicians like Miwa.

“The best part of my job is when I finish tuning for a pianist like Yoko, and they sit down and try it out,” he says, “and they’re inspired.

When Miwa tested the freshly tuned Yamaha, her nimble fingers flew over the shiny keys and she exclaimed, “Love it, love it! Fred did an incredible job.

Mudge is anxiously waiting for the music scene to come back to life now that venues are allowed to reopen at reduced capacity. Things are looking up for the summer, but there is still a lot of uncertainty.

“I was driving near the Boston Garden and there was an ad for Justin Bieber in July – which definitely gives us hope,” he said, “but you can’t do a great Rolling Stones production. with a whole bunch of 18-wheelers and crew at 25 percent of the audience. “

One thing Mudge knows for sure is that there are a lot of detuned pianos around Boston that will need some serious love.

“There is. And I’m looking forward to the time when we can come back and do everything we can,” he said, adding, “I’m a little worried that if everyone calls at the same time, we might be flooded. ”

But the tuner added that it would be the right problem to have.

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Students at Worcester Public School reflect on distance learning as some prepare to return to class https://turismo-stp.org/students-at-worcester-public-school-reflect-on-distance-learning-as-some-prepare-to-return-to-class/ https://turismo-stp.org/students-at-worcester-public-school-reflect-on-distance-learning-as-some-prepare-to-return-to-class/#respond Wed, 07 Apr 2021 23:15:54 +0000 https://turismo-stp.org/students-at-worcester-public-school-reflect-on-distance-learning-as-some-prepare-to-return-to-class/ Students at Worcester’s public schools have taken a toll on the distance learning experience as some students prepare to return to class – though most don’t return in person until January or February. As part of its phased plan, schools in Worcester are preparing to bring some students back to the buildings as early as […]]]>

Students at Worcester’s public schools have taken a toll on the distance learning experience as some students prepare to return to class – though most don’t return in person until January or February.

As part of its phased plan, schools in Worcester are preparing to bring some students back to the buildings as early as November 16, although coronavirus cases have increased in the community.

On November 16, the most disadvantaged students will return to school buildings. Eleven schools must be ready for the return of students by this date.

DESE Commissioner Jeffrey Riley said the districts students who learn in person should continue to do so if there is no evidence of widespread transmission of the virus in school buildings.

Worcester Public Schools fall sports postponed to September after the city was upgraded to “red” on the state’s color-coded COVID risk assessment map, where it has remained since.

During Monday’s school committee meeting on Zoom, student Charles Feland said he enjoyed the model from a distance so far.

“Everything is fine for me,” he said.

Sixth-grader Valerie Valdez said that although she misses seeing her friends in person, she prefers the model from a distance because it is safer.

“I think it’s safer and I think I prefer to continue learning at home,” she said.

Zoe Black, another student from Worcester, said she sometimes found it difficult to concentrate when attending classes from home.

“The 70-minute classes are a bit too long,” she says. “It’s a lot of sitting and my back hurts.”

Black says she wishes there were more public spaces in her community for students to learn safely away from home.

Student Lois Divoll said she appreciated the teachers learning about student mental health, but would like them to spend more class time on recordings.

“I have noticed that my teachers are reluctant to give up their class time for us to do so,” Divoll.

Superintendent Maureen Binienda praised the students for voicing their concerns, many of which she said school officials will consider to improve the educational environment.

“I think our students are doing a phenomenal job, and I think their parents are too,” Binienda said. “I think it was a very good forum, and I think we should do more of it.”

Worcester is waiting for the HVAC systems in the buildings to be upgraded before bringing the students back.

With some students without internet access in the spring, Chromebooks and hotspots were handed out to thousands of students when the academic year began in September.

But many Worcester residents have complained about slow internet speeds. Roughly 18% of the city does not have high-speed internet.

The city and school district are negotiating with Charter / Spectrum to provide a better internet plan for students.

Related content:

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Eat well: what you need to know about egg nutrition https://turismo-stp.org/eat-well-what-you-need-to-know-about-egg-nutrition/ https://turismo-stp.org/eat-well-what-you-need-to-know-about-egg-nutrition/#respond Wed, 07 Apr 2021 23:15:51 +0000 https://turismo-stp.org/eat-well-what-you-need-to-know-about-egg-nutrition/ There has been a lot of controversy around eggs and whether they are healthy. For years, people have been told to stay away from eggs because they are high in cholesterol, but is it really something we need to be concerned about? Let’s take a closer look at egg nutrition as a whole. Eggs are […]]]>

There has been a lot of controversy around eggs and whether they are healthy. For years, people have been told to stay away from eggs because they are high in cholesterol, but is it really something we need to be concerned about? Let’s take a closer look at egg nutrition as a whole.

Eggs are not only a high-quality, affordable source of protein with 6 grams per egg, but they’re also packed with vitamins and minerals. Egg whites and yolks are only made up of different nutrients that the body needs – making it both important for overall health. Egg whites contain water, B vitamins, and minerals such as potassium, sodium, and small amounts of selenium. More than half of the protein in an egg is found in the egg white.

The yolk contains almost 3 grams of protein and 5 grams of fat, including 1.5 grams of saturated fat. The yolks also contain the fat soluble vitamins A, D, E and K, as well as many minerals like iron, selenium, zinc, copper and iodine. Additionally, egg yolks are known to contain choline, which can be important for certain cognitive functions like memory, and the antioxidant-acting carotenoids lutein and zeaxanthin, which are important for eye health. Since lutein and zeaxanthin are not produced by the body, it is important to consume foods rich in these compounds, such as green vegetables and eggs!

While an egg contains around 200 milligrams of cholesterol, research shows that cholesterol from food may not have a big impact on blood cholesterol levels. Instead, it’s more important to pay attention to saturated fat intake. According to current USDA dietary guidelines, less than 10% of calories should come from saturated fat. For people with high cholesterol, it is recommended to reduce this level to 5-6% of calories. This means that a person with high cholesterol and consuming 2,000 calories per day should aim to eat no more than 13 grams of saturated fat per day.

With this information in mind, it is important to plan egg consumption according to individual needs. If you look at the recommendations of the American Heart Association, one egg per day is recommended. Eggs are also included in MyPlate’s recommendations, as one egg counts as a 1-ounce serving of the Protein Food group.

If you choose egg substitutes, note that they are lower in calories and saturated fat, but are also lower in protein and generally contain added sodium. Whether you choose whole eggs or substitutes, remember to focus on the big picture. For example, if your pairings include options like bacon and Danish, try including more nutritious offerings like whole grain toast and fresh fruit.

Author’s Note: This column was written in collaboration with Kerri Watkins, nutrition student at the University of Massachusetts at Amherst, and Andrea Luttrell. Andrea Luttrell is a registered dietitian for Big Y Foods’ Living Well Eating Smart program. Have a question about nutrition? Send him an e-mail at livingwell@bigy.com or write Living Well at 2145 Roosevelt Ave, Springfield, MA 01102.

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US Department of Energy wants to lend $ 43 billion for EV and clean energy projects https://turismo-stp.org/us-department-of-energy-wants-to-lend-43-billion-for-ev-and-clean-energy-projects/ https://turismo-stp.org/us-department-of-energy-wants-to-lend-43-billion-for-ev-and-clean-energy-projects/#respond Wed, 07 Apr 2021 23:13:56 +0000 https://turismo-stp.org/us-department-of-energy-wants-to-lend-43-billion-for-ev-and-clean-energy-projects/ Secretary of the US Department of Energy Jennifer granholm announced earlier this month that it will be relaunching the agency Loan Programs Office (LPO), which funded Tesla. He’s got $ 43 billion as a lending authority for large-scale energy infrastructure projects and the manufacture of advanced technology electric vehicles. US Department of Energy loan plan […]]]>

Secretary of the US Department of Energy Jennifer granholm announced earlier this month that it will be relaunching the agency Loan Programs Office (LPO), which funded Tesla. He’s got $ 43 billion as a lending authority for large-scale energy infrastructure projects and the manufacture of advanced technology electric vehicles.

US Department of Energy loan plan

The US Department of Energy plans to inject billions of dollars into the electric vehicle industry to boost domestic production and deployment. Securing America’s Future Energy projects that the United States could create 647,000 jobs in electric vehicles in the next five years.

On the clean energy side, the LPO has $ 4.5 billion for renewable energy and energy efficiency projects – about 10% of the existing $ 43 billion.

Experts called for LPO reforms that will make it easier for applicants to apply for and access funds, including changes to application fees and other cumbersome aspects of the application process. The program is also expected to build trust among applicants after years of inactivity under the Trump administration, a step Granholm took in appointing a clean energy contractor. Jigar shah to run the office. Among other things, Shah noted the need to focus on the development of cleaner energy and the resulting economic development opportunities for tribal lands.

LPO departments

The LPO has three main departments: Title XVII for Energy, the Advanced Technology Vehicle Manufacturing (ATVM) Loan Program for Transportation, and the Tribal Energy Loan Guarantee Program.

Title XVII: Title XVII provided over $ 25 billion to an “all-of-this-above” energy portfolio, including solar, wind, advanced nuclear, geothermal, etc.

Title XVII is responsible for notable clean energy successes, such as the large scale solar market in the USA. The Loan Program’s First Investments in Large-Scale Solar Power leads to a boom in private sector funding in the solar industry shortly thereafter. Solar prices have dropped by 70% Over the past decade and into 2019, the industry generated more than $ 18 billion in investment in the U.S. economy. The solar sector now has one of the fastest growing employment rate in the United States and should be the country main source new electricity production this year.

Advanced Technology Vehicle Manufacturing Loan Program: The Advanced Technology Vehicle Manufacturing (ATVM) loan program has more than $ 17 billion remaining for technologies, including electric cars.

  • In 2010, ATVM funded the nation’s first two electric vehicle manufacturing plants by Nissan and Tesla, with Tesla repaying its entire $ 465 million loan nine years ahead of schedule.
  • ATVM loans have been used to build or re-equip factories in eight states: Illinois, Michigan, Missouri, Ohio, Kentucky, New York, Tennessee and California. These factories have produced millions of advanced technology vehicles.

Tribal Energy Loan Guarantee Program: The Tribal Energy loan guarantee program was launched in 2018. $ 2 billion it can provide partial loan guarantees to an Indian tribe or a federally recognized tribal energy development organization. The program can repay up to 90% of the principal outstanding and interest due on eligible loans granted for any type of energy development carried out on tribal lands.

Zoe Lipman, Director, Manufacturing and Advanced Transportation, BlueGreen Alliance, which brings together unions and environmental organizations, said Electrek:

Through LPO’s energy and manufacturing loan and grant programs, we have the opportunity to make large-scale investments that not only make the United States the leader in the deployment of clean and advanced energy technologies. , but we also guarantee to re-equip construction plants with clean vehicles and energy technologies. of the future, close critical supply chain gaps and reinvest to transform critical energy-intensive industries. By using these avenues, we can maintain and create good jobs in America and help ensure cleaner, safer jobs and communities here and around the world.

FTC: We use automatic income generating affiliate links. After.


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Global Wave Group and Compliance Systems join forces to deliver https://turismo-stp.org/global-wave-group-and-compliance-systems-join-forces-to-deliver/ https://turismo-stp.org/global-wave-group-and-compliance-systems-join-forces-to-deliver/#respond Wed, 07 Apr 2021 23:13:56 +0000 https://turismo-stp.org/global-wave-group-and-compliance-systems-join-forces-to-deliver/ ALISO VIEJO, Calif., April 1, 2021 (GLOBE NEWSWIRE) – Global Wave Group LLC, a leading provider of commercial loan origination systems, has partnered with Compliance Systems to provide a seamless solution providing banks and Credit Unions – End-to-end process for analyzing, approving, tracking and documenting commercial loans. The joint solution leverages Compliance Systems’ highly configurable […]]]>

ALISO VIEJO, Calif., April 1, 2021 (GLOBE NEWSWIRE) – Global Wave Group LLC, a leading provider of commercial loan origination systems, has partnered with Compliance Systems to provide a seamless solution providing banks and Credit Unions – End-to-end process for analyzing, approving, tracking and documenting commercial loans.

The joint solution leverages Compliance Systems’ highly configurable document solution with Global Wave Group’s web-based Credit Track commercial loan creation solution. The integrated solution supports faster processing times, lower costs, and meets the unique business requirements of financial institutions.

“We are very pleased to enter into a partnership with Compliance Systems,” said Zubin P. Mehta, CEO of Global Wave Group. “Compliance Systems Simplicity Platform is a natural extension of our Credit Track commercial loan creation solution, providing an efficient and easy way to transform commercial loans processed by Credit Track into a fast, reliable and regulatory compliant document creation process. . We look forward to providing our customers with exceptional value and service through our partnership.

“Global Wave Group is an important strategic partnership for compliance systems. We see not only an ideal alignment of our compliant document solution with the credit monitoring business loan creation solution, but also an ideal alignment of our service philosophy, ”said Chris Appie, president of Compliance Systems. “We are committed to ensuring that our clients see their return on investment reach their bottom line, regardless of their size. Global Wave Group shares this commitment and will help us deliver high-end content configurability with great efficiency. “

About Global Wave Group, LLC

Founded in 2007 by bank executives, Global Wave Group is a financial technology solutions provider located in Aliso Viejo, California. Proudly serving an installed base of financial institutions with a combined asset size of over $ 2.8T, Global Wave Group provides commercial loan origination solutions that include workflow automation tools. and processes that reduce risk, reduce costs and increase efficiency. Our in-depth banking experience, combined with our best-in-class implementation process, creates a unique ability to understand our clients’ business needs and translate them into a tailored solution that drives efficiency. Global Wave Group brings advanced tools, processes and technology used by leading banks to mid-level, regional and community banking and credit union markets. For more information, please visit www.globalwavegroup.com or call 888-315-4704.

About compliance systems

Compliance Systems is the premier provider of financial transaction technology and expertise based in Grand Rapids, MI. With over 27 years of experience analyzing and documenting financial transaction data, Compliance Systems currently supports content configuration and compliance risk management at over 1,500 U.S. banks and credit unions. . Compliance systems, along with an extensive network of lending, depository and core FinTech partners, enable financial institutions to mitigate the business risk inherent in commercial and consumer loan refinement and transaction documentation. deposit. Compliance systems minimize transaction risk and reduce resource expenditure so institutions can focus on business development. For more information, please visit www.compliancesystems.com.

Media contacts:
LeAnne McGowan
Media relations
888.315.4704

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Impact of Biden’s infrastructure plan on the construction industry | Williams mullen https://turismo-stp.org/impact-of-bidens-infrastructure-plan-on-the-construction-industry-williams-mullen/ https://turismo-stp.org/impact-of-bidens-infrastructure-plan-on-the-construction-industry-williams-mullen/#respond Wed, 07 Apr 2021 23:13:56 +0000 https://turismo-stp.org/impact-of-bidens-infrastructure-plan-on-the-construction-industry-williams-mullen/ On March 31, 2021, President Biden unveiled his American Jobs Plan (the “Plan”), proposing to spend approximately 1% of U.S. gross domestic product per year over eight years on repairing and improving infrastructure , research and development in the manufacturing sector, the growth of small businesses. and workforce training. The plan aims to spend around […]]]>

On March 31, 2021, President Biden unveiled his American Jobs Plan (the “Plan”), proposing to spend approximately 1% of U.S. gross domestic product per year over eight years on repairing and improving infrastructure , research and development in the manufacturing sector, the growth of small businesses. and workforce training. The plan aims to spend around $ 2 trillion nationwide over the next decade.

The plan will likely have a significant impact on the construction industry. While details have not been revealed, including allocations to specific states or areas, the plan includes around $ 1.3 trillion in spending on construction projects in various industries and communities, including $ 621 billion. dollars for repairs and the creation of new surface transportation networks such as highways, bridges, ports and railways; $ 100 billion for infrastructure resilience; $ 111 billion for clean drinking water projects; $ 100 billion for broadband infrastructure to achieve 100% coverage and for drinking water, wastewater and stormwater systems; $ 100 billion for electrical transmission systems; $ 213 billion to build, preserve and renovate over 2 million homes and commercial buildings, upgrade schools and community colleges, and upgrade veterans hospitals and federal buildings; and $ 40 billion to modernize laboratory research infrastructure. It prioritizes spending in historically underfunded communities and the development and distribution of clean / renewable energy.

The specific funding described in the plan includes:

Repair highways, rebuild bridges, modernize ports, airports and transit systems

Transforming our crumbling transportation infrastructure ($ 621 billion)

  • $ 115 billion to upgrade bridges, highways and roads most in need of repair and improve road safety, including 20,000 miles of highways, roads and main streets; repair the most economically significant large bridges to rebuild and repair 10,000 small bridges.
  • Double federal spending to $ 85 billion to modernize existing public transit, including increasing the number of buses, buses and rail services in new communities.
  • $ 80 billion to fill Amtrak’s repair backlog and upgrade the northeast corridor.
  • $ 174 billion in the electric vehicle market, such as subsidy and incentive programs for state and local governments to build a nationwide network of 500,000 EV chargers by 2030, to replace 50,000 transport vehicles in common diesel and to convert 20% of school buses to electric buses.
  • $ 25 billion for airports to modernize FAA assets and support terminal renovations.
  • $ 17 billion for waterways, coastal ports, land entry points and ferries, including air pollution reduction programs.

Make our infrastructure more resilient ($ 100 billion)

  • Increase spending to support infrastructure in vulnerable and historically underfunded communities, including through FEMA’s Infrastructure and Resilient Communities Building Program and HUD’s Community Development Block Grants Program.
  • Spending on programs to protect against wildfires and hurricanes in coastal communities, and to promote resilience against sea-level rise, agricultural resource management and climate-smart technologies, and programs water efficiency and recycling for western droughts, tribal water settlements and dam safety.

Rebuild the drinking water infrastructure, provide a renewed electricity grid and provide high speed broadband

Making clean and safe drinking water a right in all communities ($ 111 billion)

  • $ 45 billion for EPA’s State Revolving Drinking Water Fund and Water Infrastructure Improvement for Nation Act Grants to eliminate all lead pipes and service lines in the United States
  • $ 56 billion in low-cost flexible grants and loans to disadvantaged states, tribes, territories and communities to modernize and scale up programs to modernize drinking water, wastewater and water systems rain.
  • $ 10 billion to monitor and remediate substances in drinking water and for small rural water systems and household well and sewer systems, such as drainage fields.

Broadband broadband infrastructure to achieve 100% coverage, upgrade and monitor drinking water, wastewater and stormwater systems ($ 100 billion)

Resilience of electric transmission, modernization of electricity generation methods and provision of clean electricity ($ 100 billion)

  • Investment tax credit for the construction of at least 20 gigawatts of high voltage power lines and the creation of a new grid deployment authority at the Ministry of Energy.
  • 24/7 clean electricity purchase for federal buildings.
  • Establish a clean energy and electricity efficiency standard aimed at more efficient use of existing infrastructure and leveraging existing energy sources without carbon pollution, such as nuclear and hydropower, seeking to switch to 100% carbon-free energy by 2035.
  • $ 16 billion to plug orphan oil and gas wells and abandoned mines and to restore and salvage abandoned mines.
  • $ 5 billion for the remediation and redevelopment of the Brownfield and Superfund sites.
  • Lift the $ 3 million cap on the Economic Development Agency’s public works program.
  • Creation of 10 pioneering facilities demonstrating carbon capture renovations for large steel, cement and chemical production facilities.

Build, preserve and renovate more than two million homes and commercial buildings, modernize our nation’s schools and daycares, and modernize veterans hospitals and federal buildings

Build, preserve and renovate over two million homes and commercial buildings to tackle the affordable housing crisis ($ 213 billion)

  • $ 20 billion in tax credits under the Neighborhood Home Investment Act over five years to build or rehabilitate homes.
  • Establish a $ 27 billion clean energy and sustainability accelerator to stimulate private investment in distributed energy resources; modernization of residential, commercial and municipal buildings; and ensure clean transport.

Modernize schools and preschools as well as Veterans Affairs hospitals and other federal buildings

  • $ 100 billion to modernize and build new public schools through $ 50 billion in direct grants and $ 50 billion in leveraged bonds, including to improve indoor air quality and ventilation, energy efficiency and school kitchens.
  • $ 12 billion to states to meet existing physical and technological needs at community colleges.
  • $ 25 billion to modernize child care centers in high need areas through a child care growth and innovation fund and an expanded business tax credit – receiving 50% of the first million construction cost dollars per facility – to build day care centers in the workplace.
  • $ 28 billion to modernize federal Veterans Affairs hospitals and buildings.

Revitalize manufacturing, secure American supply chains, fund R&D and train Americans for the jobs of the future ($ 480 billion)

  • $ 50 billion for the National Science Foundation to focus on areas such as semiconductors and advanced computing, communications technology, energy technology, and biotechnology.
  • $ 40 billion to modernize laboratory research infrastructure.
  • $ 35 billion to develop new ways to reduce emissions, build climate resilience and increase funding for climate research.
  • $ 15 billion in demonstration projects for climate research and development priorities, including utility-scale energy storage, carbon capture and storage, hydrogen, advanced nuclear , rare earth element separations, offshore wind turbines, biofuels / bioproducts and electric vehicles.
  • $ 46 billion for the manufacture of electric vehicles, charging ports, electric heat pumps for buildings, advanced nuclear reactors and fuel.
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